Companies plan mega investment in city gas business; 12 LoIs issued

The government on Friday issued letters of intent to 12 companies which bagged 50 Geographical Areas (GAs) that were on offer under the tenth round of city gas distribution (CGD) bidding.

The major players that won new areas include Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL), Gujarat Gas, Atlantic, Gulf & Pacific Company (AG&P) and Gail Gas.

While addressing the event, Union petroleum minister Dharmendra Pradhan highlighted the interest of foreign companies in the CGD business in India, citing participation of Philippines-based Atlantic, Gulf and Pacific Company (AG&P) in the bidding round. AG&P got three geographical areas in Ramanathapuram,